Swiss Current Account Surplus Smallest in 2Y

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Switzerland’s current account surplus narrowed sharply to CHF 7.0 billion in the fourth quarter of 2025, down from CHF 23.5 billion in the same period a year earlier. This marks the smallest figure in two years, as the goods surplus fell to a more than five-year low of CHF 15.2 billion from CHF 29.1 billion in the fourth quarter of 2024, while the primary income surplus eased to CHF 1.3 billion from CHF 1.5 billion. Meanwhile, the services deficit widened to CHF 6.7 billion from CHF 4.6 billion, and the secondary income shortfall increased to CHF 2.9 billion from CHF 2.6 billion. For the full year, the current account surplus declined to CHF 61.7 billion from CHF 76.2 billion in 2024.

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